Change Healthcare snaps up blockchain startup PokitDok
- Change Healthcare said Tuesday it has acquired key assets from PokitDok, the platform-as-a-service startup perhaps best known for its DokChain blockchain technology for patient transactions.
- The acquisition, terms of which were not disclosed, includes advanced software, intellectual property and the PokitDok team.
- Change plans to integrate PokitDok's blockchain capabilities and API marketplace into its Intelligent Healthcare Network to support telehealth and other value-based healthcare models.
Organizations across healthcare are bullish about blockchain and trying to figure how best to leverage it for their customer base. The technology has the potential to increase work efficiencies, improve interoperability, support secure data sharing and improve patient outcomes, but few actual use cases have been put to the test and challenges remain. According to a recent CB Insights report, likely near-term applications include back-office operations and improving supply chain traceability.
Last fall, Change introduced an enterprise-scale blockchain technology for revenue cycle management in hospital and health systems. That was followed in January with the launch of Intelligent Health Network.
Then in September, Change announced the network's availability on Amazon Web Services. The service allows hospitals and insurers to track the status of patient billings from submission to payment in real time.
"PokitDok's capabilities accelerate the launch of Change Healthcare's API and Services Marketplace, which is designed to address the needs of organizations ranging from innovative healthcare startups to established healthcare entities and large-scale IT companies," Gautam Shah, vice president of APIs and marketplaces at Change Healthcare, said in a statement. "The combination of assets, technical talent, and market presence will enable our customers and partners with the tools, community, and expertise to leverage data and technology to create innovative solutions for all parts of the healthcare ecosystem: payers, providers, and consumers."
Created in 2017 as a 70%-30% joint venture with McKesson, Nashville-based Change reportedly hired a team of underwriters earlier this fall to lead an initial public offering. The IPO could be valued up to $12 billion, according to reports. A recent regulatory filing by McKesson shows $856 million in revenue for the RCM and analytics company during the three months ended June 30.